This proposal is expected to appear on Snapshot for voting on 2021-06-21T12:00:00Z
BancorDAO Whitelist Proposal - FARM - Harvest Finance
TL;DR
- Proposal to whitelist FARM.
- Harvest will add initial liquidity of $500,000 USD FARM
- Harvest is seeking a co-investment of 500,000 BNT - this number was chosen to enable Bancor to be the deepest liquidity pool for FARM.
- Harvest Finance continues to innovate and deploy new strategies, further driving value through the platform and the $FARM profit share token
- Once the liquidity depth at Bancor exceeds the depth at Uniswap, the platforms profit share mechanism can be pointed at Bancor instead
FARM token address: 0xa0246c9032bC3A600820415aE600c6388619A14D
Project Website: https://Harvest.Finance/
Benefits for Bancor:
Harvest Finance is a leader in cutting edge strategies, and as it continues to upgrade the protocol and increase profit to FARM holders, demand for the token will continue to rise while emissions taper off to zero. The buy pressure from the profit share mechanism which continuously buys FARM from the open market with profits derived from the protocol, also helps to ensure constant volume and price support for the token. This buyback mechanism can be pointed at the Bancor FARM pool once it exceeds the liquidity size currently placed at Uniswap. This would become a very consistent and sizable fee source for Bancor LPs.
Project
Launched in August 2020, Harvest Finance is an automatic yield farming protocol that helps depositors take advantage of the latest DeFi platforms with the highest yield. With over 100+ strategies deployed, the protocol offers one of the most cutting edge and competitive portfolios of yield in DeFi while still making it simple for any user to participate. Harvest is also very ecosystem focused, regularly contributing to Gitcoin grants and collaborating with various projects such as PerpFi, Pendle, Babylon Finance, APWine Finance, CompliFi and Convex.
Tokenomics
Harvest Finances native token, FARM (ERC20), is a governance and revenue sharing token that affords the holder voting rights on the protocol, and when staked, collects a prorated share of the 30% performance fee charged to protocol users. Over the past 90 days the protocol was generating $8M per month in yield farming profits, with $2.4M monthly flowing to FARM stakers.
The FARM token supply is set at 690,420, of which 554,354 are in current circulation. This was reduced by governance vote from the initial, contract-enforced hard cap of 5M tokens. The contracts and addresses with the highest concentration of FARM tokens are predominantly the profit share vault and the UniSwap liquidity pools. The team wallets and vesting contracts are discussed here. And the supply reduction here.
Community and Communication
Harvest is active on Reddit, Telegram, WeChat, Weibo, Discord, and Twitter. Activity on GitHub is frequent, with new updates appearing weekly. The core development team is anonymous, preferring to focus on code and product security, while allowing its community members to help develop tools, strategies, and guide the day to day social operations of the protocol. Discord chat is the main hub for communicating directly with the core developers, and with 20+ channels and various languages, the Harvest community is very diverse and active. The protocol is also actively seeking talented developers and contributors, which can be seen on the Work page here. A multiSig run by key community members helps to perform various tasks such as builder payroll, and select execution of protocol functions. As Harvest continues to mature, more functions are handed off to the community, adding to its decentralization and cooperative style of management.
Available Audits
Harvest has been audited multiple times, with all results posted on the Github here. The most recent was published by Least Authority in Feb 2021 and can be found here.
- Harvest also maintains an open bug bounty program.
Market and Trading Data
- FARM’s price at the time of writing is $60.90 (Coingecko, CMC)
- All-time low: $54.30 (23rd May, 2021)
- All-time high: $458 (12th February, 2021)
- Price 90 days ago: $245.55 (9th March, 2021)
- 554,354 tokens in circulation (80% max supply)
- 690,420 planned maximum supply
- The current market capitalization is $34,343,000.
- The FARM token is available on Uniswap, Hoo, Gate, BiKi
- The 24-hour spot volumes $2.4M